New classical economics
The New economics classical or Nouvelle traditional macroeconomics current of is economic thinking which developed starting from the Années 1970. It rejects the Keynésianisme and is based entirely on neo-classic principles . Its characteristic is to rest on micro-economic foundations rigorous, and to deduce from the macroeconomic models starting from the actions of the agents themselves modelled by micro-economics.
Some central assumptions of this School are:
- Rationality of the agents (which seek to maximize their utility),
- rational Anticipations,
- at every moment, the economy has a single balance (with full employment and full use of production capacities) and this balance is reached by a mechanism of adjustment of the prices and wages.
The new traditional ones include/understand:
- Robert Lucas Jr (“Nobel Prize” of economy 1995)
- Fine E. Kydland (“Nobel Prize” of economy 2004)
- Edward C. Prescott (“Nobel Prize” of economy 2004)
- Robert Barro
- Neil Wallace
- Thomas Sargent
See too
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